EXPANDING OUR REACH

May 18, 2012

BAML - 2012 Global Transportation Conference

FORWARD-LOOKING STATEMENT

2

Certain information in this presentation and statements made during this presentation, including anyquestion and answer session, may contain “forward-looking information”, as defined under applicableCanadian securities legislation. Our actual results, performance or achievements could differmaterially from those expressed in, or implied by, this forward-looking information. We can give noassurance that any of the events anticipated will transpire or occur or, if any of them do, what benefitsor costs we will derive from them. By its nature, forward-looking information is subject to numerousrisks and uncertainties including, but not limited to, the impact of general economic conditions,changing domestic and international airline industry conditions, volatility of fuel prices, terrorism,pandemics, currency fluctuations, interest rates, competition from other airline industry participants(including new entrants, capacity fluctuations and the pricing environment), labour matters,government regulations, stock market volatility, the ability to access sufficient capital from internal andexternal sources, and additional risk factors discussed in other documents we file from time to timewith securities regulatory authorities, which are available on SEDAR at sedar.com or, upon request,without charge from us.

Our assumptions and estimates relating to the forward-looking information referred to above areupdated quarterly and, except as required by law, we do not undertake to update any other forward-looking information.

May 2012

3

WESTJET’S TRACK RECORD OF PROFITABILITYSINCE INCEPTION

Net Earnings (millions of dollars)

Note: figures reported in Canadian GAAP up to 2009 with 2005-2008 restatements. 2010 is restated under IFRS

-20

20

60

100

140

180

'97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11

4

WESTJET’S GOAL TO GENERATE 12% ROIC

Return on Invested Capital*

Note: 2010-2011 calculated under IFRS; 2009 & prior are calculated under Canadian GAAP

* Based on trailing 12 month basis

5%

6%

7%

8%

9%

10%

11%

12%

13%

14%

2005 2006 2007 2008 2009 2010 2011 Q1 2012

Goal

5

6

GROWTH AND STRONG FINANCIAL PERFORMANCE CONTINUES

8

WESTJET A GROWTH STORY

Revenue (millions of dollars) Available Seat Miles (millions)

0

5,000

10,000

15,000

20,000

25,000

'01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11

0

500

1,000

1,500

2,000

2,500

3,000

3,500

'01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11

9Yield for 2008 & 2009 based on CGAAP, while 2010 & 2011 based on IFRS. Difference between CGAAP and IFRS not expected to be material as difference in 2010 is only 0.01 – 0.02 cents.

PRICING POWER RETURNS

10

12

14

16

18

20

50%

60%

70%

80%

90%

100%

Q4

2008

Q1

2009

Q2

2009

Q3

2009

Q4

2009

Q1

2010

Q2

2010

Q3

2010

Q4

2010

Q1

2011

Q2

2011

Q3

2011

Q4

2011

Q1

2012

Yiel

d (c

ents

)

Load

Fac

tor %

Load Factor % Yield (cents)

10

2012-2010 reported on IFRS basis; 2009-2007 reported under Canadian GAAP. 2007 excludes reservation system impairment of $31.9 million.

COSTS REMAIN UNDER CONTROL

8.6 8.3 8.5 8.8 8.9 9.0

3.5 4.7 3.2 3.5 4.3 4.6

2.2 1.7 1.2 1.0

1.2 1.9

0

2

4

6

8

10

12

14

16

18

2007 2008 2009 2010 2011 Q1 2012

cent

s pe

r A

SM

CASM (ex fuel and profit share) Profit Share Fuel Op. Margin

11

MEASURED GROWTH WITH FLEXIBLE FLEET PLAN

91 97 100 105 106 103 103 103 102

15 23 29 33

50

60

70

80

90

100

110

120

130

140

2010 2011 2012 2013 2014 2015 2016 2017 2018

Cumulative Lease Extension Options

109118

126132 135

12

OPERATING HIGHLIGHTS – Q1 2012

Q1 2012 Q1 2011 Change

Net earnings (millions) $68.3 $48.2 41.6%

Diluted earnings per share $0.49 $0.34 44.1%

Total revenues (millions) $891.0 $772.4 15.3%

RASM (revenue per available seat mile) (cents)

15.66 14.77 6.0%

Fuel costs per litre (dollars) $0.95 $0.85 11.8%

CASM, excluding fuel and employee profit share (cents)

8.95 8.91 0.4%

Record First Quarter Net Earnings - up 42%

13

ANCILLARY REVENUE GROWTH

$8.39

4

5

6

7

8

9

Q12010

Q22010

Q32010

Q42010

Q12011

Q22011

Q32011

Q42011

Q12012

Ancillary revenue per guest

14

Q1 2012 adjusted EBT Margin per reported results (adjusted for special items and non-op mark-to-market hedge gains/losses)

Q1 2012 – ADJUSTED EBT MARGINWESTJET RANKS 3rd BEHIND LEADING NORTH AMERICAN PEE RS

14.5 %

12.7 %

10.9 %

4.5 % 4.0 %

(0.4)% (0.7)% (0.7)%

(3.3)%

(5.7)%

-10%

-5%

0%

5%

10%

15%

20%

Alle

gian

t

Spir

it

Wes

tJet

Ala

ska

JetB

lue

Del

ta

US

Air

way

s

Sou

thw

est

Un

ited

Air

Can

ada

BUILDING ON OUR CAPABILITIES

• Strategically selecting carriers in each major world region

• Seamless access to more destinations

• International travel options for the business traveller

• Innovative approach to code-share

• Selective approach keeps costs in line

AIRLINE PARTNERSHIPS EXPANDING OUR NETWORK

16

17

Expanded schedule

Toronto to Montreal

Montreal to Toronto

Depart Arrive Depart Arrive

0700 0810 0700 0815

0800 0910 0800 0915

0900 1010 0900 1015

1200 1310 1200 1315

1400 1510 1400 1515

1600 1710 1600 1715

1700 1810 1700 1815

1800 1910 1800 1915

1930 2040 1900 2015

2230 2340 2030 2145

Toronto to Ottawa

Ottawa to Toronto

Depart Arrive Depart Arrive

0700 0800 0700 0759

0800 0900 0800 0859

0900 1000 0930 1029

1200 1300 1200 1259

1400 1500 1400 1459

1600 1700 1600 1659

1730 1830 1700 1759

1830 1930 1800 1859

2230 2330 1930 2029

ENHANCED EASTERN TRIANGLE SCHEDULEIMPROVED VALUE FOR BUSINESS TRAVELERS

18

INTRODUCTION OF SERVICE TO LAGUARDIABUILDS ON THE EASTERN TRIANGLE STRATEGY

Weekday Toronto to LaGuardia

Weekday LaGuardia to Toronto

7:00 6:55

9:30 7:55

12:30 9:30

14:30 12:00

16:00 14:55

17:30 16:45

19:30 18:30

20:30 19:50

Through our partnership with Delta, WestJet is able to operate with optimal slot times

THE REGIONAL OPPORTUNITY

MARKET OPPORTUNITIESREGIONAL (50+ seats) = $2.1B – DOMESTIC + TRANSBORDE R

Source: Internal estimates using public capacity and traffic information20

SIGNIFICANT DOMESTIC OPPORTUNITYAC AND PARTNERS SERVE DOUBLE THE CANADIAN DESTINATI ONS vs WESTJET

CalgaryDeer LakeEdmontonFt. McMurrayGanderHalifaxKelownaMontreal

OttawaReginaSaskatoonSt. JohnsTorontoVancouverVictoriaWhitehorse

Winnipeg

Baie ComeauBathurstCalgaryCastlegarCharlottetownCranbrookDeer LakeEdmontonFrederictonFt. McMurrayFt. St. JohnGanderGaspeGoose BayGrande PrairieHalifaxIles De La MadeleineKamloopsKelownaKingstonLethbridgeLondonMedicine HatMonctonMont JoliMontrealNanaimoNorth BayOttawa

PentictonPrince GeorgePrince RupertQuebecReginaRouyn-NorandaSaguenaySandspitSarniaSaskatoonSault Ste. MarieSept-IlesSmithersSt. JohnSt. JohnsSudburySydneyTerraceThunder BayTimminsTorontoToronto-CityVal D'OrVancouverVictoriaWabushWhitehorseWindsorWinnipegYellowknife

AbbotsfordCalgaryCharlottetownComoxDeer LakeEdmontonFt. McMurrayGrande PrairieHalifaxHamiltonKamloopsKelownaKitchenerLondonMoncton

MontrealOttawaPrince GeorgeQuebecReginaSaskatoonSt. JohnsSydneyThunder BayTorontoVancouverVictoriaWindsorWinnipegYellowknife

21

WESTJET’S REGIONAL AIRLINE AT MATURITY

• Organizational structure: wholly owned subsidiary

• Fleet size: up to 45 x 78-seat Q400 turboprop aircraft

• Network and schedule

• National operation (Eastern and Western)

• Domestic and transborder operations

Type of flying Description

New destinationsFlights to/from new destinations not currently served by the WestJet network

Join the dotsFlights between existing destinations not currently flown by WestJet

Schedule improvements

Flights on some existing short-haul routes that benefit from increased frequency and higher load factors; B737 flying will be redeployed to maximize the network

22

CRITICAL SUCCESS FACTORS REMAIN THE SAME FOR A REGIONAL AIRLINE

Low cost

• Obtain meaningful and sustainable cost advantage vs. regional competitors

• Low fares to stimulate demand and steal traffic

• Expand low-fare high-value proposition to new markets

Guest experience and culture

• Consistent WestJet guest experience

• Consistent WestJet values

• Maintain caring culture

• Engaged workforce

Guest experience and low cost

23

WE HAVE THE FINANCIAL STRENGTHTO PUT OUR STRATEGY INTO ACTION

25

*2010 and 2011 presented under IFRS.Note: All figures are full-year figures based on trailing twelve months.Debt ratios include aircraft operating leases.

At March 31, 2012:- Cash of C$1,401 million- Cash to TTM of revenues ratio of 44%- Adjusted net debt to EBITDAR of 1.13x

Initiated a quarterly dividend in November 2010- Increased to $0.06 from $0.05 in February 2012

Normal Course Issuer Bid- Completed prior NCIB on August 9, 2011 for $106 million or $14.59 per share- TSX approved 6,914,330 share bid or ~ 5%, announced on February 8, 2012. - Repurchased 1,351,930 shares in Q1 2012 for $18.8 million or $13.92 per share

CAPITAL STRUCTURE -EXCESS CASH HAS BEEN USED TOLOWER LONG TERM DEBT & BUY BACK STOCK

0

200

400

600

800

1000

1200

1400

1600

2005 2006 2007 2008 2009 2010 2011 Q12012

$ m

illio

ns

0

1

2

3

4

5

6

times

Cash Adj. net Debt/EBITDAR Adj. Debt/Equity

26

RELATIVE LIQUIDITY & LEVERAGE RATIOS – March 31, 201 2Liquidity

Leverage

44%

0%

10%

20%

30%

40%

50%

WestJet Allegiant JetBlue Alaska Southwest United Air

Canada

US

Airways

Delta

Cash

/ L

TM R

even

ue

N/A

1.13

0

2

4

6

Allegiant WestJet Southwest Alaska Delta United Air

Canada

JetBlue US

Airways

Ad

j. N

et D

ebt

/ EB

ITD

AR

27

GUIDANCE *

Q2/12 FY 2012

RASMSlightly moderated pace as

compared to Q1 2012 growth

CASM (ex fuel & profit share) Up 4.5 - 5.0% Up 1.5 - 2.5%

Fuel cost per litre$0.95 - $0.97

(based on $135USD jet/barrel and 1.00 FX)

Tax Rate 28% - 30%

Capital Expenditures $75 - $80M $165 - $175M

System capacity Up 2.0 – 3.0% Up ~ 4.0%

Domestic capacity Down 0.5 – 1.5% Up 0.5 – 1.0%

* Guidance excludes any possible impacts from the launch of a low cost regional airline

28

• Earnings margins are consistently among the top tier in the industry

• Proven track record of profitable growth

• Well-positioned, low-cost and efficient carrier

• Award winning culture and highly engaged workforce

• Strong brand in the market place and expanding airline partnerships

• Attractive combination of planned growth and a strong balance sheet

SUMMARY - WHY INVEST IN WESTJET

For further information:Hugh HarleyDirector, Investor RelationsP: (403) 539-7594E: hharley@westjet.comW: www.westjet.com